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Geofoam Market Size

Report ID: GMI4413
Published Date: Nov 2022
Report Format: PDF

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Geofoam Market Size

Geofoam Market size was recorded at USD 769 million in revenue in 2023. Driven by a positive approach towards renewable construction projects, the industry is expected to grow at more than 7.4% CAGR from 2024 to 2032.

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Increasing infrastructural expenditure around the world is poised to offer several opportunities for product penetration. Geofoam is widely used in the construction of buildings and roadways, wherein it helps construction companies cut costs and provide thermal insulation.

Meanwhile, Europe’s construction industry is reviving from an economic slowdown and in some parts of the region, the sector is driving the regional economy. This revival of the economy is also accelerating product adoption in the domestic building & construction sector. For instance, in July 2022, the NextGenerationEU initiative is projected to aid Europe in recovering from the pandemic and working towards its Green Deal target to achieve carbon neutrality by 2050.

Geofoam Market Report Attributes
Report Attribute	Details
Base Year:	2023
Geofoam Market Size in 2023:	USD 769 Million
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	7.4%
2032 Value Projection:	USD 1.44 Billion
Historical Data for:	2018 to 2023
No. of Pages:	150
Tables, Charts & Figures:	481
Segments covered:	Product, Application, End-use, Region
Growth Drivers:	Increasing infrastructure expenditure in Asia Pacific and Latin America Strongly growing construction & renovation industry Improving North America’s transportation infrastructure Reviving the European building & construction sector Government Initiatives
Pitfalls & Challenges:	Susceptibility to petroleum solvent and fire Geofoam’s buoyancy problem and susceptibility to insect damage Geofoam high prices would be at disadvantages in price-sensitive markets

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Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

Global Geofoam Industry was valued at USD 769 million in 2023 and is set to progress at over 7.4% CAGR over the next 10 years, owing to a positive approach towards renewable construction projects and increasing infrastructural expenditure around the world.

The void fill application segment is set to reach a valuation of USD 1 billion by 2032 on account of high product utilization as a void-fill material for bridge abutments, theater seating, road widening, and under flooring.

The EPS geofoam segment is projected to be valued at more than USD 1.4 billion by 2032 as a result of its properties, such as good thermal insulation, lightweightness, stiffness, compression, and more.

Asia Pacific geofoam industry is projected to depict a 7.5% CAGR between 2023 and 2032 as a result of the expanding population, coupled with the increasing disposable income in the region.